Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[bitampcom]

The latest question we received today on Quora was about Bitcoin fees and we find that a lot of users find this aspect to be one of the most difficult ones to do on their own. On our wallet, therefore, we have set 3 levels of fees, depending on urgency of the transaction, and set the lowest one to still have enough fees to ensure a quick enough transaction. It's not ideal, but we want to prevent users accidentally setting too low fees to confirm!

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[bitampcom]

Ever wondered how or why we called Bitcoin mining, mining? After all, it isn't just about mining new bitcoin, and the same process will yield negligible amounts in a few decades. Want to see our take on it? Our answer on Quora: https://www.quora.com/Why-is-the-process-of-obtaining-Bitcoins-called-mining/answer/BitAmp-Official

[OcTradism]

Ever wondered how or why we called Bitcoin mining, mining? After all, it isn't just about mining new bitcoin, and the same process will yield negligible amounts in a few decades. Want to see our take on it? Our answer on Quora: https://www.quora.com/Why-is-the-process-of-obtaining-Bitcoins-called-mining/answer/BitAmp-Official

Interesting but I need a little more.

I heard that Bitcoin testnet needs to be run by mining five too. Honestly, long time ago I thought Bitcoin testnet is run without rigs. Could you give us more details on Bitcoin testnet, mining operations on such net.

Testnet is important for newbies users to get experience with Bitcoin wallet, transaction, backup, etc. And help them avoid mistakes and financial loses.

[bitampcom]

Is there really only 2 ways to buy Bitcoin? We think there are more, but for the Bitcoin newcomer, it's probably significant to mention the 2 major ways: buying it P2P and buying it from an exchange. Bitcoin ATM some say, but isn't that just buying from an exchange sort of?

Our full answer: https://www.quora.com/How-do-you-actually-purchase-Bitcoin-Its-very-confusing-with-wallets-and-everything-Is-there-a-newbie-guide/answer/BitAmp-Official

@OrcTradism we'll get back to you;)

[OcTradism]

Is there really only 2 ways to buy Bitcoin? We think there are more, but for the Bitcoin newcomer, it's probably significant to mention the 2 major ways: buying it P2P and buying it from an exchange. Bitcoin ATM some say, but isn't that just buying from an exchange sort of?

Our full answer: https://www.quora.com/How-do-you-actually-purchase-Bitcoin-Its-very-confusing-with-wallets-and-everything-Is-there-a-newbie-guide/answer/BitAmp-Official

In the past, P2P marketplaces are best options for people to buy bitcoin but with the integrations of fiats and own-built P2P marketplaces on more and more crypto exchanges, people tend to more frequently use crypto exchanges to buy bitcoin and other cryptocurrency. For now, it is almost restricted to bitcoin but in the future, more cryptocurrency will be available on exchanges' own-built P2P marketplaces. They provides many payment methods include credit cards.

@OrcTradism we'll get back to you;)

Thank you.

[Chikito]

Could you give us more details on Bitcoin testnet, mining operations on such net.

Testnet is important for newbies users to get experience with Bitcoin wallet, transaction, backup, etc. And help them avoid mistakes and financial loses.

May you have read this article https://blog.lopp.net/how-to-solo-mine-on-bitcoin-s-testnet/

If you have bitcoind and bitcoin-cli installed on your system you should use bitcoin testnet box https://github.com/freewil/bitcoin-testnet-box

or get it from faucet.

[bitampcom]

In the past, P2P marketplaces are best options for people to buy bitcoin but with the integrations of fiats and own-built P2P marketplaces on more and more crypto exchanges, people tend to more frequently use crypto exchanges to buy bitcoin and other cryptocurrency. For now, it is almost restricted to bitcoin but in the future, more cryptocurrency will be available on exchanges' own-built P2P marketplaces. They provides many payment methods include credit cards.

Indeed, exchanges are simply easier for most people, and understandably, people still feel more secure in buying from a company that they can later speak to a customer support person if anything goes wrong. Even when P2P marketplaces have very secure escrow that protects them more, the barrier to entry is the technical difficulty.

It's this technical barrier of owning your own Bitcoin that we understand and are trying to address with our wallet solution:)

[OcTradism]

May you have read this article https://blog.lopp.net/how-to-solo-mine-on-bitcoin-s-testnet/

If you have bitcoind and bitcoin-cli installed on your system you should use bitcoin testnet box https://github.com/freewil/bitcoin-testnet-box

or get it from faucet.

My appreciation for your help with the article from lopp.net. It enlightens my mind and my knowledge on Bitcoin testnet.

Indeed, exchanges are simply easier for most people, and understandably, people still feel more secure in buying from a company that they can later speak to a customer support person if anything goes wrong. Even when P2P marketplaces have very secure escrow that protects them more, the barrier to entry is the technical difficulty.

It's this technical barrier of owning your own Bitcoin that we understand and are trying to address with our wallet solution:)

It is. Secure escrows are cool to protect traders on P2P marketplaces but people have to send funds to Escrows on such marketplaces. Above all, having full controls on private keys and self protect their keys, their funds (if they don't trade) are things they should priority for and should learn to manage it.

Secure escrows are for trading P2P but for fund storage, non-custodial wallets are best ones for bitcoin enthusiasts.

[bitampcom]

It is. Secure escrows are cool to protect traders on P2P marketplaces but people have to send funds to Escrows on such marketplaces. Above all, having full controls on private keys and self protect their keys, their funds (if they don't trade) are things they should priority for and should learn to manage it.

Secure escrows are for trading P2P but for fund storage, non-custodial wallets are best ones for bitcoin enthusiasts.

Apart from that, escrow mechanisms for Bitcoin marketplaces aren't all too friendly just yet for most users, never mind Bitcoin newcomers! The ones that ARE easy to use and understand (like on Localbitcoins) usually do force you to handover control of your entire wallet though, so again, sacrificing convenience for control.

That again is the whole philosophy of Bitamp:) To try and see that fine balance between security, control, and ease of use.

[bitampcom]

Now we got a question asked about if it were possible to live only on crypto. As much as we love Bitcoin, our answer had to be no. Even though we're fully invested in crypto and we earn it, we recognize that mass adoption hasn't reached the levels we'd like to be able to fully live on crypto.

That said, if you ever want to try it, make sure you're using a wallet where you control the private keys!

Read our answer in full: https://www.quora.com/Is-it-possible-to-live-only-using-cryptocurrencies/answer/BitAmp-Official

[bitampcom]

We got asked today but it wasn't precisely clear which crypto the query was related to so we answered for multi-crypto and ETH.

Whichever the wallet, we believe open source needs to be the prerequisite. Agree?

Full answer here.

[bitampcom]

So when someone asks: Can I buy Bitcoins at grocery stores? Might get us rolling our eyes on this forum but we think it's a valid question for newbies, and we get asked a lot of these kinds of questions on Quora!

For many newcomers, Bitcoin is a bewildering thing, never mind the technology and ideas behind it!

Check out how we answer the question on Quora. Think you could have come up with a better one?

[bitampcom]

Volatility. Will we ever see Bitcoin lose its most recognized market feature? We think so, but not likely in the near future, when speculative activity is what defines the market.

Whatever you use BTC for, just always remember. Not your keys, not your Bitcoin!

[bitampcom]

The best thing about Bitcoin for us is that as long as we have the private keys, we can always access our wallets. In fact, some people memorize their seed phrases and restore wallets when they want to use them.

See how we responded to someone who asked if they could create a new wallet when their phone became unusable!

[OcTradism]

The best thing about Bitcoin for us is that as long as we have the private keys, we can always access our wallets. In fact, some people memorize their seed phrases and restore wallets when they want to use them.

See how we responded to someone who asked if they could create a new wallet when their phone became unusable!

I don't believe people can remember their wallet seeds. They can remember one day, few weeks but if they don't often login their wallets, they will forget wallet seeds. It is what happened to me. The same story for wallet passphrase. I forgot it after months did not frequently login my wallet.

It happened with my blockchain.com wallet. And I learned from my loss.

[Chikito]

I don't believe people can remember their wallet seeds. They can remember one day, few weeks but if they don't often login their wallets, they will forget wallet seeds. It is what happened to me. The same story for wallet passphrase. I forgot it after months did not frequently login my wallet too.

Frequently write/copy/paste seed while login is dangerous from keyloger. People should use Keystore file and save as with password to the next login.

I saw this site has updated keystore file feature, but I can't find how to protect with password?, I see Keystore file prompting password on a picture below.




Great updated, we can importing seed from electrum wallet and got same/correct address even electrum seed has different thing from bip39 seed.


Nice, We have 4 address; legacy, segwit, native segwit and Compressed address when importing private key (WIF or WIF Compressed) into bitamp


Keep your great work!. Look goods so far.

[bitampcom]

I don't believe people can remember their wallet seeds. They can remember one day, few weeks but if they don't often login their wallets, they will forget wallet seeds. It is what happened to me. The same story for wallet passphrase. I forgot it after months did not frequently login my wallet.

It happened with my blockchain.com wallet. And I learned from my loss.

Not saying all people can, but some certainly can, especially when these words are all plain english words. Use them in a story to create Mnemonic phrase easy to remember.

NOT recommended of course!

@DroomieChikito we'll ask about this password for Keystore, and get back if there is something to share, thanks for the compliment too, we definitely agree being able to import seed from Electrum is a very useful feature:)

[bitampcom]

We got requested to answer a question today about what exactly makes blockchain technology so great, using voting as an example.

We think it's great people are wondering about this, and not just always about price speculation, especially now that Bitcoin is approaching $11k;)

Our full answer is on this post.

Don't forget, always make sure you have your own personal wallet for your Bitcoin!

[bitampcom]

Something funny for today, now that Bitcoin is pumping, I'm sure you're all getting ads about earning so much interest on BTC deposits... but we want to warn you, not your keys, not your BTC;)

[notblox1]

Not my keys, not my Bitcoin

When can we expect to see Bitamp exchange enabled on your website, and what coins or fiat will be supported?
It would be great to see some roadmap, features and planned dates if possible.